Remitly Global initiated with a Buy at BofA on multi-year growth opportunity

As previously reported, BofA initiated coverage of Remitly Global (RELY) with a Buy rating and $18 price target The firm sees the digital native remittance platform scaling into a multi-year growth opportunity, forecasting 19% revenue, 33% adjusted EBITDA and 32% free cash flow compound annual growth rates from 2026-28. Remitly offers “an attractive mix of high growth with improving profitability” along with free cash flow generation, the analyst tells investors.